中指研究院企业研究总监刘水表示，虽然目前市场环境较此前有所改善，经济稳步复苏、政策支持等因 素为房企融资提供了有利条件，出险企业债务重组正在稳步推进，但国际资本市场的不确定性仍然存 在，投资者对房地产行业的风险偏好也尚未完全恢复到以往水平，因此境外融资窗口只是出现了一定的 开启机会，后续还需观察市场反应和更多房企的融资情况，才能判断窗口是否能持续稳定地打开。 （文章来源：南方都市报） 近期品牌房企海外融资也实现破冰。2025年绿城和新城相继发行海外债，打开了海外债大门。从资金用 途来看，两家房企主要为筹集资金偿还即将到期的海外债和调整融资结构，并非完全新增投资或营运资 金的资金。从融资成本来看，海外债融资成本偏高，远高于信用债，2月绿城海外债票面利率为 8.45%，2025年3月绿城信用债融资平均利率为4.37%。 对此，中指研究院企业研究总监刘水分析认为，新城成功发行海外债，一是新城能够向市场展示了其良 好的财务状况、偿债能力和市场信心。二是为其他民营房企重启境外融资提供了示范效应，有助于修复 国际资本市场对中国民营房企的风险预期。三是当前与境内融资相比，美元债融资成本偏高。一方面， 美元利率仍维持在较高水 ...

Group 1 - Several real estate companies have made positive progress in debt restructuring, with companies like Kaisa, Sunac, and Jinlun Tian Di receiving creditor approval for their overseas debt restructuring [1] - Longguang has optimized its bond restructuring plan, providing a more diversified and fair approach to bondholders, which includes 21 company bonds and asset-backed securities [1] - The total debt maturity for real estate companies is projected to be 482.8 billion yuan in 2024 and 525.7 billion yuan in 2025, with overseas debt significantly reduced from its peak [1] Group 2 - New City Development, a private real estate company, has successfully issued $300 million in senior notes due in 2028, marking a significant step for private real estate companies in overseas financing [2] - The issuance is expected to restore market confidence in private real estate companies and may encourage more quality firms to restart overseas financing [2] - The financing landscape remains challenging, with high costs associated with overseas debt limiting the sustainability of such financing for companies under pressure [2] Group 3 - The overall demand for overseas debt financing among real estate companies may change as market conditions evolve, with sales continuing to face pressure [3] - The top 100 real estate companies saw a 10.8% year-on-year decline in sales in the first five months of 2025, indicating ongoing challenges in the market [3] - Concerns over the U.S. fiscal situation and global financial market risks may increase volatility in the dollar bond market, impacting the stability of overseas debt issuance for private companies [3]